Three years ago, an ill-tempered goldmining takeover catapulted Alexei
Mordashov on to the world stage as a Russian industrial baron who wanted to
expand his Severstal empire away from steel.

A £160 million deal secured him Celtic Resources and Severstal has since spent
another £818 million buying three more underperforming, under-resourced
precious metal miners. Now it is spinning out its enlarged gold business.

When Severstal’s Nord Gold business lists in London next month, it is likely
to be valued at about $5 billion (£3.1 billion), with a plan to raise about
$1 billion. The float further cements the London market